Glossary

Brushing up on the basics

Explore finance, accounting, and procurement related terms
From procure to pay to close

Reimbursements approval process

The reimbursements approval process is a critical procedure within organizations that ensures the proper management and validation of expenses incurred by employees or stakeholders

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Expense approval

Expense approval is a systematic process used by companies and organizations to review and authorize costs incurred by employees or departments

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Automated expense tracking

Automated expense tracking tools are designed to assist you in managing your finances and monitoring your spending. It enables you to sync your bank accounts and credit cards to record your expenses, allowing you to see how much you spend each month and what categories your spending falls into

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Budget allocation

Budget allocation is the critical process of distributing financial resources among various departments, projects, or goals within an organization

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Cost Center

A cost center is a division or department within an organization that does not directly generate revenue but incurs costs in the process of supporting profit-generating divisions (profit centers)

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Budget control

Budget control is a management method that involves comparing actual results with approved budgets to assess performance and identify variances

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Budgeting

Budgeting is a strategic process that enables organizations to plan and control their financial resources effectively

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Intake-to-procure

The intake-to-Procure refers to the complete process that starts with identifying the need for a product or service and ends with the procurement of that item

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Request for Quotation (RFQ)

An RFQ is a formal document that invites vendors to submit price bids for standardized products or services, typically used for high-volume/low-value items

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Customer

A customer is an individual or entity that purchases typical goods or services either on a one-time basis or for a specified duration. A customer of an IT service provider is an individual or group that enters into contracts with the provider to receive IT services and is accountable for the payment of those services

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Quote

A quote is the last price at which securities or goods were sold, that is, the most recent value where the buyer and seller agreed and a deal was concluded

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Invoice

An invoice is a financial document issued by a seller to a buyer during the sale of goods or services

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Vendor management

Vendor management is a set of principles, processes, and tools that can help organizations in optimizing their relationships with suppliers, reducing risks, and managing expenses throughout the entire duration of the partnership

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Vendor

It is a supplier that sells and promotes products under its own brand or trademark

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Bill management

Bill management is a systematic process that involves the creation, issuance, and tracking of invoices for goods or services provided to customers

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Approval chain

An approval chain is a structured process that allows requests, proposals, or projects to be reviewed and validated by designated individuals with the authority to approve. It establishes a clear hierarchy, ensuring that approvals occur in a specific order, facilitating systematic decision-making

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Approval workflow

An approval workflow is a structured sequence of steps that must be followed to complete tasks or manage data within an organization. In this type of workflow, each stage requires approval from a designated individual before the process can advance to the next steps

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Audit trail

An audit trail is a detailed record that provides documentation of data modifications resulting from a business process

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Accounting automation

Accounting automation refers to the management of financial transactions and the accounting process through the use of specialized apps

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Accounts payable

Accounts payable (AP) refers to a company's short-term debts owed to its creditors or suppliers that have not yet been settled. APs are recorded on a company's balance sheet as current liabilities

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Accounts receivable

Accounts receivable (AR) refers to the money owed to a business for goods or services that it has delivered but not been paid for yet. Accounts receivable is considered as a current asset on a company's balance sheet

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